Global IME Bank Limited (GBIME) has registered a profit rise of 42.98 percent in the third quarter of the current fiscal year 2073/74.
According to the unaudited financial report published by the commercial bank today, its net profit has surged to Rs 1.47 arba in third quarter up from Rs 1.03 crore in the corresponding quarter of the last fiscal year 2072/73. The operating profit has increased to Rs 1.96 arba from Rs 1.35 arba as compared to the corresponding quarter of last fiscal year.
Global IME Bank’s net interest income has risen to Rs 2.65 arba in the third quarter as compared to Rs 2.07 arba in the corresponding quarter. Its paid up capital and reserves remains at Rs 7.24 arba and 3.12 arba respectively.
The bank also amassed huge amount of deposits in the Q3 of the ongoing fiscal year. Deposits collection have reached Rs 85.81 arba in Q3 this year from Rs 67.40 arba in the corresponding period last year.
Likewise, it has extended loans and advances of Rs 73.13 arba in Q3 whereas in the same period last year the figure stood at Rs 57.34 arba. Its CD ratio as of the end of Q3 stands at 78.85%.
Its non-performing loan has declined to 1.53 percent in Q3 from 1.93 percent in the previous year report.
Annualized Earnings per share (EPS) of GBIME stand at Rs 27.17, net worth per share at 153.74, and the P/E ratio at 15.75 times.
The liquidity position of the bank remains at comfortable level. The bank has acquired Pacific Development Bank Limited and started integrated transaction from Falgun 1, 2073. As a result of acquisition, the bank’s share capital, reserve and surplus, loans and advances and deposit increased by Rs 9.21 crore, Rs 8.89 crore, 94.19 crore and Rs 87.32 crore respectively.
As of Q3, GBIME is also in a comfortable position to increase its paid up capital to Rs 8 arba by the end of this fiscal year as it is also acquiring Reliable Development Bank Limited. With a P/E ratio of 15.75 times and with established paid up capital and reserves base, GBIME is one of the most underpriced stocks.
Major Highlights:
| Indicators (Rs in "000") |
FY 2073/74 Q3 |
FY 2072/73 Q3 |
Difference (%) |
| Paid Up Capital |
7,242,661 |
6,164,268 |
17.49% |
| Reserve and Surplus |
3,120,196 |
2,191,575 |
42.37% |
| Deposits |
85,749,686 |
67,406,446 |
27.21% |
| Loans and Advances |
73,135,215 |
57,341,984 |
27.54% |
| Net Interest Income |
2,677,081 |
2,070,281 |
29.31% |
| Provision |
305,786 |
428,986 |
- |
| Write Back |
279,593 |
209,570 |
- |
| Operating Profit |
1,990,283 |
1,353,772 |
47.02% |
| Net Profit |
1,492,776 |
1,032,349 |
44.60% |
| Capital Adequacy Ratio |
12.28% |
12.78% |
- |
| NPL |
1.53% |
1.93% |
-20.73% |
| Base Rate |
8.56% |
5.98% |
- |
| Cost of Fund |
5.37% |
2.93% |
|
| CD Ratio (as per NRB) |
78.85% |
77.99% |
- |
| EPS (Annualized) |
27.48 |
22.33 |
23.07% |
| PE Ratio |
15.75 |
|
|
| Networth Per Share |
143.08 |
|
|
